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In an interview on Axios last Friday, United States’ Senator Rand Paul told Mike Allen that with people losing confidence in government institutions, what is happening right now, bitcoin has the potential to rise and become the world’s reserve currency.
The Senator said:
“I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in the government.”
Senator Paul has never publicly endorsed any cryptocurrency other than Bitcoin and while he does not directly mention Bitcoin, it is clear that he is referring to the top cryptocurrency. The senator started accepting BTC donations already during his 2016 campaign and now he feels it is time for the digital asset to be even more embraced as a currency serving the interests of the people.
“The government currencies are so unreliable — they’re also fiat currencies. They’re not backed by anything,” Paul added.
Nonetheless, there is still a long way to go for Bitcoin to become the global reserve currency. So far, El Salvador is the first and only country in the world to have adopted Bitcoin as a legal currency to complement the US dollar as legal tender.